Eric Sprott is stepping down as chairman of the board of Toronto-based asset manager Sprott Inc., the firm announced on Friday.
Sprott, who will continue to hold the title of chairman emeritus, is leaving to focus on his personal investments and family.
Jack Lee will replace Sprott as his namesake company's chairman next month if he's elected as director at the firm's annual and special meeting on May 10, as expected.
In a statement announcing the change, Lee thanked Sprott for his service and contributions to the company and pledged that the firm would "continue to be managed with the same entrepreneurial spirit and commitment to excellence that Eric instilled during his tenure."
Sprott founded institutional brokerage Sprott Securities Inc. in 1981, then spun out the firm's investment management business to create Sprott Asset Management LP in 2000. In 2008, Sprott Inc. completed its initial public offering on the Toronto Stock Exchange.
Lee, a 44-year-veteran of the oil and gas industry, is currently lead director of the corporation and serves as chairman of Alaris Royalty Corp. He was previously chairman of Canetic Resources Trust and president and CEO of Acclaim Energy Inc, a predecessor of Canetic.